Sanusi: CBN reduces inflation, targets 6 to 9 per cent

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The Central Bank of Nigeria (CBN) says it wants inflation in a variety between 6-9 per cent, lowering the regulator's previous target of keeping in single-digits.CBN's governor, Lamido Sanusi, told Reuters on Wednesday, he expects it to complete the year below that level...Inflation in Nigeria fell to a new five-year low of 8 per cent in September. Sanusi added that despite lower prices he did not think there was likely to be an interest rate cut in the near future.

APC unfolds manifesto, targets 40,000MW

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The All Progressives Congress on Wednesday in Abuja  unfolded a seven-point  cardinal programme that would ensure that electricity generation hit 40,000 megawatts within four to eight years of its leadership.

The  party, in a 31-page manifesto, which was presented to Nigerians  listed the   other components of the cardinal programme as war against corruption, food security,   integrated transport network and free education.  Others are devolution of power, accelerated economic growth and affordable health care.

According to the party, the programme  will transform Nigeria into a progressive state anchored on social democracy.

“Our government shall vigorously pursue the expansion of electricity generation and distribution of up to 40,000 megawatts in four to eight years,”  the APC   said.

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Why Boko Haram targets Lagos

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More facts emerged yesterday on the plot by Boko Haram to bomb Lagos. The main reason for the planned attack on Lagos, the “commercial nerve centre of Nigeria,” is its booming economy. The motive is simple: Attack Lagos and Nigeria grinds to a halt. One of the service chiefs reportedly confirmed at the Executive Session held with the Senate last Wednesday on the state of insecurity in the country that the threat to bomb Lagos was real.

He listed five reasons for the plot. The sect, it was gathered, reckons that the economy of the North is already in ruins with the incessant bombing of its major commercial cities including Kano, Kaduna and Maiduguri in Borno State. Kano is no longer the thriving commercial nerve centre of the North, while the Joint Task Force (JTF) occupies every 10 kilometres in Maiduguri, making commercial activities difficult.